The Banking Union – a milestone European decision – Videoblog 27


Finance Minister Prof. Edward Scicluna discusses the recent milestone decision taken by Euro zone Ministers on the Banking Union during an intensive, two-day negotiation and discussion meeting in Brussels.

He explains that the Banking Union will be essential to safeguarding depositors and taxpayers in the eventuality of further bank troubles in the wake of the EU-wide financial crisis.

 

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He also explains that the Banking Union is essential as it lays down the groundwork for mechanisms that contain the damages of further bank troubles, as it provides for supervisory institutions that will liaise with local authorities, and also for Funds from which assistance for ailing banks can be provided.

Prof Scicluna underlines that thanks to the Banking Union, national governments will no longer be solely responsible for assisting ailing banks, with the consequence that the financial burden falls on taxpayers, or in instances of bank failure, on depositors.

 

– Saturday, 21st December 2013


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